May 21st, 2023 12:02 PM by T. Fanning
Hello, I hope you’re having a good weekend!
It wasn’t a great week for rates, as they ended higher than last week’s numbers. Next week has plenty scheduled that we will be watching. In addition to a handful of economic reports that will be posted there are also a couple of Treasury auctions and the minutes from this month's FOMC meeting for the markets to digest. Monday is the only day of the week without something listed. As the week progresses, the scheduled events become more influential.*
We offer Conventional, FHA, VA, USDA, Jumbo and regular construction financing. Some of our niches include: Chenoa Fund loans (100% FHA financing); Conventional, FHA and VA 1x Close Construction-Perm; 1.50% Down FHA Advantage Program; CHFA Financing; HomeStyle renovation program; and a Jumbo, 5% down program. We can also do non-traditional programs! To see a detailed list of programs, visit our website: www.homeloanmortgageco.com/mortgageprograms
Last Updated: 5/19/23
Friday's bond market has opened in negative territory yet again as the negative momentum in bonds continues into the weekend. Stocks are mixed but calm with the Dow up 44 points and the Nasdaq down 10 points. The bond market is currently down 15/32 (3.70%), which should cause an increase in this morning's mortgage rates of approximately .375 of a discount point if compared to Thursday's early pricing. If you saw an intraday upward revision yesterday, you should see a smaller increase this morning than those who did not get a late change yesterday.
There is no economic data scheduled for today that is likely to influence mortgage rates. We do have a speaking engagement with Fed Chairman Powell and former Fed Chair Bernanke at 11:00 AM ET that certainly can cause movement in the financial and mortgage markets. The discussion is expected to last until 11:45 AM ET, meaning any reaction should start before noon. Hot topics traders are looking for are comments about a potential economic recession, thoughts on inflation and the pace of the Fed's future actions with key short-term interest rates.
Next week has plenty scheduled that we will be watching. In addition to a handful of economic reports that will be posted there are also a couple of Treasury auctions and the minutes from this month's FOMC meeting for the markets to digest. Monday is the only day of the week without something listed. As the week progresses, the scheduled events become more influential. Look for details on all of next week's activities in Sunday evening's weekly preview.
If I were considering financing/refinancing a home, I would....
Lock if my closing were taking place within 7 days... Lock if my closing were taking place between 8 and 20 days... Lock if my closing were taking place between 21 and 60 days... Lock if my closing were taking place over 60 days from now...
This is only my opinion of what I would do if I was financing a home. It is only an opinion and cannot be guaranteed to be in the best interest of all/any other borrowers.*
*https://www.homeloanmortgageco.com/DailyRateLockAdvisory
Company NMLS ID: 479289 | LO NMLS: 208694
CO License: 100008854
FL Company License: MBR4416 | FL License: LO89221
Regulated by the Colorado Division of Real Estate
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